Now is the right time to get a loan, any type of loan, because inflation is rising and you will get value for less in the long term.
When searching for it, it is also important to consider the history of the lender. Tamweel's shares, for example, just few months ago re-started trading on the stock market, because the company is or it was on the edge of bankruptcy. Otherwise, it offers now home loans with 4.99% interest.
Abu Dhabi Finance is good and stable home loan provider, as it is a consortium of three government-backed parties.
In general, government-backed regional banks (ADCB, FGB, NBAD, UNB, Abu Dhabi Islamic, ENBD) are the better options, as these are more reliable, flexible and cheaper.
edited by AAQ on 02/12/2011
My advice on the banks in brackets would be stay away from FGB.
Now is the right time to get a loan, any type of loan, because inflation is rising and you will get value for less in the long term.
When searching for it, it is also important to consider the history of the lender. Tamweel's shares, for example, just few months ago re-started trading on the stock market, because the company is or it was on the edge of bankruptcy. Otherwise, it offers now home loans with 4.99% interest.
Abu Dhabi Finance is good and stable home loan provider, as it is a consortium of three government-backed parties.
In general, government-backed regional banks (ADCB, FGB, NBAD, UNB, Abu Dhabi Islamic, ENBD) are the better options, as these are more reliable, flexible and cheaper.
<em>edited by AAQ on 02/12/2011</em>
I researched this about 3 months ago and what I found was:
The best interest rate was with United Arab Bank, they financed up to 80% on master developed villas and 70% on master developed apartments, or any place that had a title deed.
ADCB would finance up to 85% but their interest rate was quite a bit higher.
Tamweel was 5.5%
HSBC was around 5.8%
I would call around all the banks and ask they're very interested in giving out loans at the moment so they'll definitely be helpful and call you back etc.